Feds Launch Housing Working Group With B.C., Ontario

TORONTO — The federal government is creating a working group on housing with the Ontario and British Columbia governments as well as officials from Vancouver and Toronto amid warnings that housing prices in those cities are rising at an unsustainable pace.

Overall, the housing market is "sound," but pockets of risk have emerged since the financial crisis, Finance Minister Bill Morneau said in a speech Thursday.

The government has already taken steps to protect borrowers and lenders, Morneau said, but more steps can be taken, if warranted, to help maintain a stable housing market.

Finance Minister Bill Morneau speaks to the Economic Club of Canada in Toronto, on Thursday, June 23, 2016. (Photo: Eduardo Lima/CP)

"These measures are taking some time to take effect, but we do know that they will help," he said. "I want to say though, if further steps are warranted, further steps can be taken to protect both borrowers and lenders, helping to maintain a strong, stable and secure housing market and the economy over the long term."

Morneau recently increased the minimum down payment for homes over $500,000, a measure aimed specifically at cooling the Vancouver and Toronto markets.

The working group has not yet been formed — Morneau said he spoke to the respective finance ministers and mayors about it earlier this week — but it will meet through the summer to review factors that affect housing supply and demand, affordability and stability of the market.

"While the federal government does have some levers under its control, we don't have all of them," he said. "This, in our estimation, is a shared responsibility with provincial governments and municipalities having regulatory and taxation powers to respond to unique local concerns."

Our housing market working group will meet this summer to study the supply & demand for housing, affordability & stability in the market.

The Bank of Canada has warned that housing prices in Vancouver and Toronto are rising at an unsustainable pace that is beyond local economic fundamentals.

It noted that year-over-year house price growth in the greater Vancouver area hit 30 per cent last month, up from 15 per cent in December. In Toronto, the report said prices increased 15 per cent, compared to 10 per cent six months ago.

The Toronto Real Estate Board has reported that the average price for a detached home in the city last month was $1.28 million, while the average price for all homes was $782,051.

The Real Estate Board of Greater Vancouver said that its benchmark price for detached properties has risen above $1.5 million.

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Canada's Most Expensive Homes Include Only Two Not From B.C.

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A single listing that encompasses four strata lots and three homes in total. One of the houses was once the residence of former B.C. Lt.-Gov. Eric Hamber. It's a stunning structure with large rooms for entertaining, wine cellars, an elevator and even a parkade decorated in an art deco style. The home has also been designated a heritage property by the City of Vancouver.

An English mansion that sits on a .78-acre waterfront estate with stunning views of Vancouver's Stanley Park and Vancouver Island. The home has seven bedrooms including a master suite, a sitting room, two guest suites and a housekeeper's suite. There's also a massive entrance hall, as well as a gourmet kitchen, and outdoor swimming pool and a private beach.

Vancouver's posh, west side Shaughnessy neighbourhood is also home to this beauty. It's an 11,000-square-foot mansion with a foyer whose ceiling is 21 feet high. The home also a breakfast nook, even a pantry and wok room. There's an indoor pool, sauna and hot tub, a wine cellar and a living space for a nanny. The garage has enough space for four cars.

The infinity pool. It's the ultimate status symbol for the 21st century aristocrat. And you'll find one at this dazzling West Vancouver home that underwent an extensive renovation between 2004 and 2008. You could talk about its glass walls, its master suite with a water side terrace, the 14-foot marble kitchen island. But the infinity pool is a particularly striking feature, giving waders spectacular views of the ocean. And that's without even mentioning the boat house, which has room enough to fit a 32-foot vessel.

Architect Howard Airey designed this 9,693-sq.-ft. home in Vancouver's affluent Point Grey neighbourhood. Outdoor features include a swimming pool, water fountain and fire pit, and the home itself offers four bedrooms, six full/half bathrooms, and a master suite that has its own deck, fireplace and views of the water and the mountains.

Take a trip over the Rocky Mountains into Calgary and you'll find Kestrel Ridge Farm in their foothills. It's a gorgeous, 160-acre equestrian estate that marks the last area of untouched plateau before you head into the mountains, says a Sotheby's listing.
The main house is a log home, 11,800-sq.-ft. in size, with six bedrooms, six bathrooms and a garage that can fit six vehicles. There's also a indoor swimming pool measuring 15 feet by 30 feet, a greenhouse, an outdoor tennis court, and a 3,700-sq.-ft. guest house. Then, of course, there's the equestrian facility, which has an indoor arena and more than 20 stalls for horses. And that's without even mentioning the riding trails all around the property.

An approximately 24,000-sq.-ft. gated mansion located on a two-acre property located in the Toronto suburb of North York. There's a ballroom and lounge with enough room for 100 people, perfect for holding a soiree worthy of royalty.

Surrey. It's a Vancouver suburb not often recognized for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Surrey. It's a Vancouver suburb not often known for its luxurious homes. But this one's an exception. It's a 2.85-acre estate with a five-bedroom home that has gorgeous views of B.C.'s Gulf Islands. It has a pool, hot tub, sauna and playground all its own.

Architect Marko Simsic designed this innovative home that sits on a 67-acre oceanfront lot. The aim of the design is to blend into the landscape. But this architectural wonder, which won its designer a Lieutenant-Governor's Award in 2008, also comes with a number of terraces, a pool, a boathouse, tennis courts and a guest house.

Home, or art gallery? The wide open spaces of this beauty will leave you asking that very question. The home has 5,350 square feet of living space, with three bedrooms and bathrooms, and it won a 2016 Georgie Award for its design.
But the listing is also being promoted as a "fully buildable lot" where you can plunk down your own design. With spaces like this, it's hard to see why a buyer wouldn't want what's already there.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tuscan-style home in Richmond, a suburb just outside Vancouver. Visitors to the property are greeted by a gated entrance, beyond which they'll find fountains and gardens before coming into a foyer that has limestone walls. It sits on an 18.09-acre lot and has koi ponds, a tennis court, a greenhouse, its own barn and a six-car garage.

A Tudor home in ritzy West Vancouver. This 7,700-sq.-ft. home comes with a 40-foot by 20-foot heated pool and private beach access.